Rosentray's Daily Commentary

[rosentray]

USD/JPY went up today to an intraday high and current market price of 113.55. Price might continue to appreciate.

 

[rosentray]

GBP/USD got beat down today on weak UK data. British GDP is 2.0% versus an estimated 2.2%. The pair went down from 1.2501 to a low of 1.2425 and is now trading at 1.2430.

 

[rosentray]

EUR/USD is relatively higher in today's session. The pair went above 1.06 for a brief moment and is now back below it. Current market price 1.0570.

 

[rosentray]

Gold is trading above $1,250 today, marking a strong week. The precious metal reacted bullishly to weak US economic data and the lack of major events.

 

[rosentray]

Gold is trading at resistance today reaching a high of $1,258. The precious metal is having a good rally that started in the middle of December last year when price was $1,122. Although the big players such as George Soros and John Paulson ditched Gold last month on rumors that the Trump tidal wave will continue, the precious metal keeps rallying to new highs.


Price reached multi-month high on Friday when Gold touched $1,260, which also happens to be the 200SMA. The latest high marks the resistance in the medium-term outlook. Bulls, however, look determined to get over it as expectations for a strong 2017 for Gold continue.


If market closes above $1,260 today we would have a clear indication that current market level will be left behind. If price closes below $1,260 today, then it would be best to sell with tight stop or to wait for more certain times to buy in.

 

[rosentray]

EUR/USD is trading relatively unchanged from last week's levels with price gravitating towards 1.0580. Market participants are looking forward to this week's events, a lot of major news coming out!

 

[rosentray]

EUR/USD has been consolidating around 1.06 for the past few days. It seems that nothing is strong enough to drive the market participants in either directions. The pair made a high of 1.06289 today and is now back towards the 1.06 level.

If the price continues to consolidate we might see a loss of interest and a bearish takeover with first short-term target at 1.0522. Lower than that we might be heading towards parity, given that the Trump administration continues to boost market expectations.

On the other hand, if we get bad economic data this week from the US, Euro bulls will use the opportunity to push price higher to a possible first target at 1.0680.

 

[rosentray]

Gold could not overcome the 200SMA and is now back below $1,260. Trend on the short-term might be turning into bearish.

 

[rosentray]

Gold price fell below $1,250 today in the early European trading hours after the Federal Reserve raised expectations for a March US interest hike rate. Gold reacted bearishly to the statement and fell to a low of $1,242 earlier today.

Now the precious metal is trading at $1,245 as market sentiment is turning from bullish to bearish.

Technically speaking, Gold was not able to overcome the 200SMA and the falling has been going on since Monday when it reached $1,263.

Major bear target on the short-term is seen at $1,230, while the bulls target the levels around $1,260 and above in order for them to continue on their path.

 

[rosentray]

EUR/USD slides to a low of 1.0525 as FED states that a March rate hike is on the table. The pair is now slightly higher at 1.0544.